Housing Market Cools Slightly

There was a slight dip in the number of homes changing hands across the London region last month, but area realtors are still on track for a record year.

The London and St Thomas Association of Realtors (LSTAR) said on Monday 802 homes were sold in September, a slight drop from the same period last year. However, this is the third consecutive year more than 800 homes were sold in September.

“We are still on track to achieve a record sales year for 2017,” said Jim Smith, 2017 LSTAR president. “We’re experiencing activity that signifies a more balanced marketplace, and expect a strong finish to the year.”

In total in September, 646 detached homes were sold, a decrease of 9.8% from the previous year. Condominium sales were up 4% from 2016, with 156 units sold. The average sales price across London and St. Thomas was $318,347, which is down 1% from the previous month.

“The activity echoes what’s happening in many other parts of the country,” said Smith. “According to the Canadian Real Estate Association, there was a roughly even split of local markets where sales posted a slight decline and others saw a slight increase. I want to stress our region’s marketplace continues to be healthy.”

According to LSTAR, there was a total of 1,026 listings last month, up 3.3% from the same time in 2016. The most popular house style purchased continues to be the two-storey, followed by the bungalow and ranch.

So far this year, area realtors have sold 9,219 homes, an increase of 13.1% over last year.